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Attached are screenshots with attached question - From the following information, create the liabilities side of a balance sheet for ABC Company at December 31,
Attached are screenshots with attached question -
From the following information, create the liabilities side of a balance sheet for ABC Company at December 31, 2XXX 1 At the beginning of the year ABC had $500, 500 in Accounts Payable. During the year they had trade purchases on account of $750,000, and payments on account of $625,000. ABC has estimated their costs for utilities for December as $3,000, but they have not received or recorded the invoice as of the end of the vear. As of the end of the year, ABC had $2,500 in customer deposits for work not yet completed. ABC has a $1,000,000 interest only loan (classified by the company as long-term debt). The interest for the year is accrued in December is not due to be paid until January 1. Interest on the note is based on a 3 4 6 5% annual rate As of the end of the year ABC had $7,500 in wages that employees had earned but had not been paid for. ABC has a bank loan for $500,000. On this note $100,000 will be due within one year December 1st ABC purchased equipment by securing a short-term loan for $25,000 due in six months 7 8 9 The loan has an annual interest rate of 6%. No payment was made during December. 10 Accounts Payable Accrued Expenses Unearned Revenue Interest Pavable Wages Payable Short-term Notes Pavable 12 13 17 18 Long-term Notes Payable 21 Total Liabilities Long term versus short term+Step by Step Solution
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